Will the sellers put a lid on it
The EURUSD has moved back into that ubiquitous area that has had a number of swing levels, i.e. between 1.11609 and 1.1171. Technically a move above puts the pair back into the area where most of the trading has taken place over the last month, with the 1.1182-85 the next target (200 hour MA and 38.2% retracement).
The narrow 28 pip trading range has been extended on the last move higher. The range is now up now up to 41 pips for the day. That is still shy of the 65 pip month long average.
The sellers have certainly had chances to take this pair lower but have not been successful. It might still rotate back down but not really holding my breathe in anticipation. The pair is also back above its 100 hour MA at 1.11585.
